In Q2FY22, we anticipate earnings of CGD agencies (IGL/MGL) and gas utilities to upward thrust strongly on y-o-y foundation led by way of a quantity recuperation. High spot LNG costs could benefit GAIL’s gas advertising enterprise and effect Gujarat Gas’s margin offsetting benefit of extent increase.
OMCs’ income are probably to be a blended bag as recuperation in refining & advertising margins might be offset by means of decrease stock gains and petchem margins. Rise in crude oil charges and decrease running prices bode nicely for y-o-y profits increase of ONGC/Oil India.
We preserve a optimistic stance on CGD players given robust quantity led income growth visibility and high RoEs. OMCs’ center earnings could improve led with the aid of a healing in GRMs & BPCL privatisation key to re-score of OMCs.
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